Broke: exactly how payday loan providers crush Alabama communities

Broke: exactly how payday loan providers crush Alabama communities

Alabama Arise and Alabama Appleseed Center for Law and Justice teamed up to make this report regarding the history, economic results and human being effect of high-cost payday financing in our state.

The report shows and administrator summary are below.

Just click here to read through the complete report, or click on the “Download” switch at the top of this post.

Report features

  • Under state legislation, payday loan providers may charge as much as 456 % APR.
  • Significantly more than 1.7 million loans that are payday removed in Alabama in 2018. Averaged away, that is more than 32,000 payday advances per week.
  • A lot more than 200,000 Alabamians sign up for a quick payday loan each year.
  • Every 12 months, Alabama borrowers spend a lot more than $100 million in payday loan costs which do not reduce the principal amount owed.
  • About 85 % of cash advance borrowers in Alabama sign up for multiple loans in a year. 继续阅读“Broke: exactly how payday loan providers crush Alabama communities”